Hindustan Zinc Limited · NSE:HINDZINC
Hindustan Zinc — Q3 FY2026 Earnings Presentation
42 slides from Hindustan Zinc's earnings presentation, Jan 19, 2026
Slide 1: Regulation 30 filing cover letter to stock exchanges
HZL/2025-26/SECY/144 January 19, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor Plot No., C/l, G Block Dalal Street, Fort Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Kind Attn: General Manager – Department Kind
Slide 2: Hindustan Zinc Limited Earnings Presentation 3QFY26
HINDUSTAN ZINC LIMITED World’s Largest Integrated Zinc Producer EARNINGS PRESENTATION 3QFY26
Slide 3: Cautionary Statement and Disclaimer
Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness, or reliability of this information. Any forw
Slide 4: Index of Contents
Index of Contents Unique positioning in Metals & Mining and Energy Transition Space 05 Sustainability Update 09 Market Update and Operational Review 15 Project Update 21 Financial Review 25 Appendix 30 3 HINDUSTAN ZINC LIMITED – 3Q FY26 INVESTOR PRESENTATION Sensitivity: Internal (C3)
Slide 5: Driving Impact: Our Key Achievements
Driving Impact: Our Key Achievements Record 3Q Performance Historic 9M Performance Highest-ever Mined & Refined Metal Continued Production Growth 01 3Q Mined metal production at 276 kt, up 7% QoQ & 4% YoY 01 Record mined metal production of 799 Kt 3Q Refined metal production of 270 Kt, up 9% QoQ & 4
Slide 6: Unique Positioning in Metals & Mining and Energy Transition Space Globally
Unique Positioning in Metals & Mining and Energy Transition Space Globally World’s Largest Integrated Zinc Producer World’s 2nd Largest Zinc Reserves & Resources with 25+ years of mine life Hindustan Zinc Ranked 1st in Metals & Mining sector in S&P Peer 2 Global CSA 2025 for the 3rd consecutive year
Slide 7: Our Unique Leadership Positioning In India
Our Unique Leadership Positioning In India Well Positioned to Capitalize on the Country’s Strong Growth Trajectory India’s only c.77% domestic Consistently India’s only India’s only integrated primary zinc integrated primary Zinc rated AAA by market share with producer of Zinc Alloy and listed Silve
Slide 8: Invested in Metals of Future | Enabling the Energy Transition
Invested in Metals Of Future | Enabling the Energy Transition needs Rising deployment of clean energy technologies is set to supercharge demand for critical minerals Zinc building a greener future Silver’s crucial role in achieving the net zero world Silver plays a dual role as an industrial metal a
Slide 9: Building A Multi-metal Ecosystem Under India's Critical Mineral Mission
Building A Multi-metal Ecosystem Under India’s Critical Mineral Mission • Central government plans to auction 24 critical minerals - Lithium, Cobalt, Tungsten, REEs, Potash, etc., aiming for clean energy, electronics, EV, and defence sector support • This enables reduction in India’s dependence on i
Slide 10: Sustainability Update
SUSTAINABILITY UPDATE Mr. Arun Misra CEO
Slide 11: Setting the Benchmark: Three Years at the Top
Setting the Benchmark: Three Years at the Top Ranked 1st in S&P Global CSA 2025 for the 3rd consecutive year reflecting exceptional ESG performance, transparent governance, and responsible growth practices Ranked 1st 3rd Consecutive Year Ranked 1st Of ranking 1st in metals & mining sector, outperfor
Slide 12: Key ESG Highlights During The Quarter
Key ESG Highlights During The Quarter Health & Supply Chain Safety Flagged off 10 EV Mine Safety bulker trucks at Week at Zawar & Human Rights Zinc Smelter RAM under the Debari, with aegis of DGMS 4-day workshop on the Enviiro Wheels Pvt Udaipur & Ajmer Voluntary Principles of Ltd. Security & Human
Slide 13: Sustainability Goals 2030 | ESG Action in Next 5 Years
Sustainability Goals 2030 | ESG Action in Next 5 Years Climate Change & Circular Economy & Water Biodiversity Decarbonization Material Stewardship Stewardship Conservation 2030 Targets 2030 Targets 2030 Targets 2030 Targets ▪ Reduction of emissions: ▪ Achieve near to Zero waste ▪ 50% reduction in fr
Slide 14: Sustainability Goals 2030 | ESG Action in Next 5 Years
Sustainability Goals 2030 | ESG Action in Next 5 Years Ensuring Diversity & Responsible Social Zero Harm Inclusion Sourcing Performance 2030 Targets 2030 Targets 2030 Targets 2030 Targets ▪ Zero Fatality and 100% ▪ Increase gender diversity to ▪ 100% active supplier evaluation ▪ Management plans bas
Slide 15: Empowering Communities, Changing Lives
Empowering Communities, Changing Lives c.2.3 million 2,362 c.50 7 1,969 Lives Benefitted Villages Covered CSR Initiatives Verticals Nand Ghars Education Health, Water & Sanitation 7 Initiatives 14 Initiatives 3,80,000+ Beneficiaries 4,60,000+ Beneficiaries Sustainable Livelihood Sports & Culture 3 I
Slide 16: Market Update and Operational Review
MARKET UPDATE AND OPERATIONAL REVIEW Mr. Arun Misra CEO
Slide 17: Well Placed to Harness India's Growth Momentum
Well Placed to Harness India’s Growth Momentum Indian Steel Production and Zinc Demand Zinc Demand 167-171 144 152 Outlook 120 127 104 774 814 854 875-925 • Strengthening domestic zinc 649 655 demand on back of consistently growing domestic steel production, FY21 FY22 FY23 FY24 FY25 FY26e which will
Slide 18: Global Market Update - Base Metal | Zinc & Lead
Global Market Update - Base Metal | Zinc & Lead In a volatile global economic scenario, zinc touched Zinc & Lead prices are forecasted to stay resilient $3,351/MT and lead touched $2,059/MT, respectively despite some nominal surplus during the quarter Zinc and Lead Prices Zinc Price Outlook 3,484 3,
Slide 19: Record Operational Performance | Among Lowest Cost Producers Globally
Record Operational Performance | Among Lowest Cost Producers Globally Mined Metal Refined Metal 5-year lowest Zinc COP ($/t)* Production (kt) Production (kt) 784 799 783 766 Up by c.7% Up by c.9% Better by c.5% 1,073 1,041 265 258 276 259 246 270 994 980 940 3QFY25 2QFY26 3QFY26 9MFY25 9MFY26 3QFY25
Slide 20: Global Market Update - Precious Metal | Silver
Global Market Update - Precious Metal | Silver Silver surged to an all-time high of over $93/toz in Jan, Increased Industrial use mainly in solar panels, electric driven by continued supply constraints and improved vehicles, electronics etc coupled with enhanced investors demand for industrial use a
Slide 21: India's Only Primary Silver Producer | Uniquely Positioned to Ride the Silver Wave
India’s Only Primary Silver Producer | Uniquely Positioned to Ride the Silver Wave As silver shines globally, HZL is uniquely positioned to capture the upcycle Significant value unlock potential exists, as the current rally’s impact is yet to be fully reflected Silver Production (MT) Grew over 20 ti
Slide 22: Project Update
PROJECT UPDATE Mr. Arun Misra CEO
Slide 23: Progress We Made in Growth Projects
Progress We Made in Growth Projects 21 Ktpa Cell House Debottlenecking • Debottlenecking at Dariba Smelting Complex and Chanderiya Lead Zinc Smelter • Dariba commissioned in 2Q, Chanderiya commissioned in 3Q Hot Acid Leaching Plant • Implementing an innovative technology for recovery of 27 MTPA silv
Slide 24: Moving Towards 2x Growth
Moving Towards 2x Growth 250 Ktpa Integrated Metal Capacity Expansion India’s First Zinc Tailings Reprocessing Plant • Refined metal capacity expansion at Debari: Transforming waste into valuable resources while 1,129 Ktpa → 1,379 Ktpa contributing significantly to circular economy • Mined metal cap
Slide 25: Building A Resilient, Future Ready Multi-Metal Enterprise
Building A Resilient, Future Ready Multi-Metal Enterprise Maintaining a Expansion of Strengthening Building a Progressing Portfolio of Capacities Cost Leadership Diversified towards a Mines with Long Product Portfolio Sustainable Life Future Achieve UG mining Maintain cost below Scale capacities for
Slide 26: Financial Review
FINANCIAL REVIEW Mr. Sandeep Modi CFO
Slide 27: 3QFY26 Financial Highlights: Setting New Highs
3QFY26 Financial Highlights: Setting New Highs Record Revenue Highest ever EBITDA Margin EBITDA Industry Leading ₹ 10,980 crore ₹ 6,087 crore 55% Up 28% QoQ Up 36% QoQ Up c.320 bps QoQ Up 27% YoY Up 34% YoY Up c.270 bps YoY Best-ever Cash & Cash Earning Profit after Tax Equivalents per share ₹ 3,916
Slide 28: Historic High 9MFY26 Financial Performance
Historic High 9MFY26 Financial Performance Record Revenue Highest ever EBITDA Margin EBITDA Industry Leading ₹ 27,300 crore ₹ 14,415 crore c.53% Up 9% YoY Up 14% YoY Up c.220 bps YoY Best-ever Cash & Cash Earning Profit after Tax Equivalents per share ₹ 8,799 crore ₹ 9,342 crore ₹ 20.8 Up 20% YoY 27
Slide 29: Continue to Deliver Stellar Shareholder Value Creation
Continue to Deliver Stellar Shareholder Value Creation Superior Strong Amongst Shareholder Shareholder India’s Wealth Creation Value Delivery Biggest* • 5 times of Nifty • Total Shareholder • Ranked 3rd in Nifty 100 in 3QFY26 Returns of 35% in Metal Index 9MFY26, including • Market cap rose a divide
Slide 30: World Class Assets Driving Growth and Long-Term Value for all Stakeholders
World Class Assets Driving Growth and Long-Term Value for all Stakeholders Invested in High quality & World’s largest Metals of Life – low-cost integrated Zinc Zinc and Silver premium asset producer Irreplaceable base with strong Will be in high margins, Precious metal c.77% of Robust balance demand
Slide 31: Appendix
a hel | APPENDIX:
Slide 32: EBITDA Bridge QoQ (3Q FY26 vs 2Q FY26)
EBITDA Bridge QoQ (3Q FY26 vs 2Q FY26) (All figures in ₹ Cr unless stated otherwise) 599 91 6,087 (39) 182 5,436 787 4,467 Market & regulatory 2Q FY26 Prices Fx Adj. EBITDA Volume Cost Marketing 3Q FY26 & others Note: All figures are at consolidated level 31 HINDUSTAN ZINC LIMITED – 3Q FY26 INVESTOR
Slide 33: EBITDA Bridge YoY (3Q FY26 vs 3Q FY25)
EBITDA Bridge YoY (3Q FY26 vs 3Q FY25) (All figures in ₹ Cr unless stated otherwise) 489 123 6,087 471 5,707 (231) 697 4,539 Market & regulatory 3Q FY25 Prices Fx Adj. EBITDA Volume Cost Marketing 3Q FY26 & others Note: All figures are at consolidated level 32 HINDUSTAN ZINC LIMITED – 3Q FY26 INVEST
Slide 34: Consolidated Performance Summary (1/2)
Consolidated Performance Summary (1/2) Quarter Nine Months Production (in ’000 tonnes, or as stated) 3QFY26 3QFY25 % YoY 2QFY26 % QoQ FY26 FY25 % YoY Mined metal content 276 265 4% 258 7% 799 784 2% Refined metal 270 259 4% 246 9% 766 783 (2%) Refined Zinc1 221 204 8% 202 10% 624 613 2% Refined Lead
Slide 35: Consolidated Performance Summary (2/2)
Consolidated Performance Summary (2/2) Quarter Nine Months Financials (₹ crore, except as stated) 3QFY26 3QFY25 % YoY 2QFY26 % QoQ FY26 FY25 % YoY Revenue 10,980 8,614 27% 8,549 28% 27,300 24,996 9% Zinc 6,485 5,628 15% 5,354 21% 16,774 16,031 5% Lead 1,036 1,008 3% 840 23% 2,748 3,200 (14%) Silver
Slide 36: Commodity, Currency and COP Sensitivities
Commodity, Currency and COP Sensitivities Impact of change in Commodity Prices on annual EBITDA Commodity Change Impact on EBITDA (₹ Cr) Zinc $100/MT 660-690 Lead $100/MT 130-150 Silver $1/toz 170-190 Impact of exchange rate change on annual EBITDA Currency Change Impact on EBITDA (₹ Cr) INR/USD ₹1
Slide 37: ESG Performance Score Card
ESG Performance Score Card Climate GHG intensity (Scope 1 + 2)/MT Climate Zero Harm TRIFR 2.67 2.57 Change Change 2.22 1.93 1.84 1.51 5.44 5.15 4.97 1.20 4.44 4.66 4.61 3.60 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 Water Water Withdrawal (mn m3) Social CSR Outreach (
Slide 38: Awards and Recognition | 3QFY26
Awards and Recognition | 3QFY26 SUSTAINABILITY PEOPLE PRACTICES BUSINESS ▪ Integrated Annual Report 2024-25 ▪ Won Ardhanarishwar Award for ▪ Honored with Disrupter in ranked No.1 amongst Indian integrated progressive practices in transgender Finance and Spend reports and 6th globally, winning its fi
Slide 39: Strong Corporate Governance - Leading Reporting Practices
Strong Corporate Governance - Leading Reporting Practices Integrated Tax Sustainability Annual Report Transparency Report Report Digital Climate Action Taskforce On Integrated Report Nature-related Annual Report Financial Disclosures (TNFD) Report 38 HINDUSTAN ZINC LIMITED – 3Q FY26 INVESTOR PRESENT
Slide 40: Group Structure of Hindustan Zinc Limited
Group Structure of Hindustan Zinc Limited Vedanta Limited Government of India Public 61.84% 27.92% 10.24% Hindustan Zinc Limited Wholly-owned Subsidiaries Vedanta Zinc Hindmetal Hindustan Zinc Hindustan Zinc Football and Zinc India Exploration Alloys Private Fertilizers Sports Foundation Services Li
Slide 41: Earnings Call Dial-In Details
Earnings Call Dial-In Details Earnings Call on Monday, January 19, 2026, at 16:00 hours (IST) The Company will hold an earnings conference call on Monday, January 19, 2026, at 16:00 hours IST, where senior management will discuss the ompany’s results and performance. Conference Dial-In Information:
Slide 42: Thank You
THANK YOU Email: hzl.ir@vedanta.co.in www.hzlindia.com